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Essar Shipping to delist its shares
POSTED: 9:21 a.m. EDT, December 2,2006
| Essar Shipping intends to delist its shares. The stock is listed only with the Bombay Stock Exchange. |
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| Essar Shipping has convened a board meeting tomorrow to discuss the proposed delisting. The proposal will also be placed before the shareholders for their approval in line with the Sebi guidelines. |
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| The delisting plan comes close on the heels of delisting of other two Essar group companies such as BPO subsidiary Aegis Communications and telecom arm Essar Teleholdings from the US and domestic bourses earlier this year. |
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| Industry sources said the group might delist Essar Steel and Essar Oil in future which was denied by the group officials. "There are no plans to delist any other entity of the group as of now," an Essar group spokesperson said. |
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| The Essar Shipping stock closed at Rs 28.05 on BSE, 4.45 per cent jump over yesterday's close of Rs 23.60. |
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| The Essar group, through a Cyprus-based subsidiary of its investment arm Essar Global, holds nearly 76 per cent stake in Essar Shipping. |
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| The group, as a part of its business restructuring, has floated the subsidiary in Cyprus, named Essar Shipping & |
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| Logistics which has three operating companies such as Essar Shipping , Essar Logistics and Vadinar Oil Terminal. | |
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